Iowa Code 536.27 – Insurance related to property of borrower
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 536.27
- Administrator: means the person designated in section 537. See Iowa Code 536.28
- Licensee: means a person licensed under this chapter. See Iowa Code 536.28
- property: includes personal and real property. See Iowa Code 4.1
- Sale: means any sale, offer for sale, or attempt to sell or lease any land, to the public in this state, for cash or on credit. See Iowa Code 543C.1
- Transaction: means a sale, trade, exchange, transfer, payment, or conversion of a digital asset or any other property or any other action or set of actions occurring between two or more persons relating to the conduct of business, commercial, or governmental affairs. See Iowa Code 554E.1
A licensee may sell the borrower insurance against loss of or damage to property owned by the borrower or loss from liability arising out of the ownership or use of property owned by the borrower. When the transaction is a consumer credit transaction as defined in section 537.1301 the sale of property insurance is subject to the requirements of sections 537.2501 and 537.2510 and the rules adopted under those sections by the administrator of the Iowa consumer credit code, chapter 537.